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28 May 2008 07:00
Total Produce plc
Stock Exchange Announcement
Continued Growth at Total Produce
Total Produce has completed the first four months of its financial year and, with the benefit of 2007 acquisitions, the performance has been good. The earnings to date also take account of the negative impact arising from the translation of non-euro results. The Company maintains a constant focus on costs, efficiency and service.
The Company continues to target expansion, principally by acquisition. Total Produce was pleased to announce on Friday, May 23, 2008 the acquisition of 60% of Haluco and Nedalpac in The Netherlands for up to €23 million. These successful and impressive companies specialising in Dutch tomatoes, capsicums and cucumbers should add almost €300 million sales to Total's business. Completion is subject to the normal regulatory clearances.
Total Produce has also concluded, since the start of 2008, a number of other smaller bolt-on acquisitions, adding €30 million to annual sales. In addition, the Group's Joint Venture with Tata has now opened its first depot in Malerkotla, India.
Total Produce had previously announced that the Company was targeting mid-single digit growth in earnings per share for 2008. Total Produce is now upgrading its target for the year to a mid to upper single-digit increase in earnings per share.
Total Produce plc
28 May 2008
For further information please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353-1-6690030
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